March 27, 2007 | posted by Michael Baxter in IABN |

The price of oil was up again yesterday, this time to the highest level this year.

There are no prizes for guessing why - the latest crisis in Iran over the detention of British troops.

Oil has now swung from just $60 a barrel at the year’s beginning, to just a smidgen over $50 last month, to $62.67 at the time of writing.

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